Problem: A projectile is fired with an initial velocity of $v$ at an angle of $\theta$ from the ground.  Then its trajectory can modeled by the parametric equations
\begin{align*}
x &= vt \cos \theta, \\
y &= vt \sin \theta - \frac{1}{2} gt^2,
\end{align*}where $t$ denotes time and $g$ denotes acceleration due to gravity, forming a parabolic arch.

Suppose $v$ is held constant, but $\theta$ is allowed to vary, over $0^\circ \le \theta \le 180^\circ.$  The highest point of each parabolic arch is plotted.  (Several examples are shown below.)  As $\theta$ varies, the highest points of the arches trace a closed curve.  The area of this closed curve can be expressed in the form
\[c \cdot \frac{v^4}{g^2}.\]Find $c.$

[asy]
unitsize (5 cm);

real g, t, theta, v;
path arch;

g = 1;
v = 1;

theta = 80;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

theta = 40;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

theta = 110;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

draw((-0.8,0)--(1.2,0));

dot((0,0));
[/asy]
Answer: For a given angle of $\theta,$ the projectile lands when $y = 0,$ or
\[vt \sin \theta - \frac{1}{2} gt^2 = 0.\]The solutions are $t = 0$ and $t = \frac{2v \sin \theta}{g}.$  The top of the arch occurs at the half-way point, or
\[t = \frac{v \sin \theta}{g}.\]Then the highest point of the arch is given by
\begin{align*}
x &= tv \cos \theta = \frac{v^2}{g} \sin \theta \cos \theta, \\
y &= vt \sin \theta - \frac{1}{2} gt^2 = \frac{v^2}{2g} \sin^2 \theta.
\end{align*}By the double-angle formulas,
\[x = \frac{v^2}{2g} \sin 2 \theta,\]and
\[y = \frac{v^2}{2g} \cdot \frac{1 - \cos 2 \theta}{2} = \frac{v^2}{4g} - \frac{v^2}{4g} \cos 2 \theta.\]Hence, $x$ and $y$ satisfy
\[\frac{x^2}{(\frac{v^2}{2g})^2} + \frac{(y - \frac{v^2}{4g})^2}{(\frac{v^2}{4g})^2} = 1.\]Thus, the highest point of the arch traces an ellipse, with semi-axes $\frac{v^2}{2g}$ and $\frac{v^2}{4g}.$

[asy]
unitsize (5 cm);

real g, t, theta, v;
path arch;
path ell;

g = 1;
v = 1;

ell = shift((0,1/4))*yscale(1/4)*xscale(1/2)*Circle((0,0),1);

draw(ell,red + dashed);

theta = 80;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

theta = 40;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

theta = 110;
arch = (0,0);

for (t = 0; t <= 2*v*Sin(theta)/g; t = t + 0.01) {
  arch = arch--(v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2);
}

draw(arch);
t = v*Sin(theta)/g;
dot((v*t*Cos(theta),v*t*Sin(theta) - 1/2*g*t^2),red);

draw((-1.2,0)--(1.2,0));

dot((0,0));
[/asy]

Then the area of the ellipse is
\[\pi \cdot \frac{v^2}{2g} \cdot \frac{v^2}{4g} = \frac{\pi}{8} \cdot \frac{v^4}{g^2}.\]Thus, $c = \boxed{\frac{\pi}{8}}.$